The global pharmacovigilance market value was USD 7.10 billion in 2022, driven by the rising drug consumption across the globe. The market size is anticipated to grow at a CAGR of 11.3% during the forecast period of 2023-2031 to achieve a value of USD 18.61 billion by 2031.
North America: The largest market for pharmacovigilance, driven by factors such as the advanced healthcare infrastructure, a strong focus on research and development, and the presence of major pharmaceutical companies and CROs.
Europe: The second-largest market, with increasing demand for pharmacovigilance services due to growing concerns about drug safety and stringent regulatory requirements.
Asia-Pacific: Expected to witness the highest growth rate due to factors such as a rapidly aging population, increasing prevalence of chronic diseases, and growing investments in healthcare infrastructure.
Pharmacovigilance: Introduction
Pharmacovigilance, also known as drug safety, refers to the collection, analysis, monitoring, and prevention of adverse effects associated with pharmaceutical products. The primary objective of pharmacovigilance is to ensure the safe and effective use of medications by identifying, evaluating, and minimizing potential risks. The global pharmacovigilance market encompasses various activities, such as adverse event reporting, signal detection, risk management, and regulatory compliance, carried out by pharmaceutical companies, contract research organizations (CROs), and regulatory agencies.Pharmacovigilance Market Scenario
The global pharmacovigilance market has experienced significant growth in recent years, driven by factors such as the increasing prevalence of chronic diseases, rising drug consumption, growing concerns about drug safety, and stringent regulatory requirements. Moreover, the expanding drug development pipeline, increasing number of clinical trials, and the emergence of advanced pharmacovigilance technologies have contributed to the market's expansion.North America: The largest market for pharmacovigilance, driven by factors such as the advanced healthcare infrastructure, a strong focus on research and development, and the presence of major pharmaceutical companies and CROs.
Europe: The second-largest market, with increasing demand for pharmacovigilance services due to growing concerns about drug safety and stringent regulatory requirements.
Asia-Pacific: Expected to witness the highest growth rate due to factors such as a rapidly aging population, increasing prevalence of chronic diseases, and growing investments in healthcare infrastructure.
Pharmacovigilance Market Segmentations
Market Breakup by Type
- Spontaneous Reporting
- Intensified Adverse Drug Reaction (ADR) Reporting
- Targeted Spontaneous Reporting
- Cohort Event Monitoring
- Electronic Health Record (EHR) Mining
- Others
Market Breakup by Service Provider
- In - House
- Contract Outsourcing
Market Breakup by Product Life Cycle
- Pre -Clinical
- Phase-I
- Phase -II
- Phase -III
- Phase -VI
Market Breakup by End User
- Hospitals
- Pharma and Biotech Companies
- Contract Research Organizations (CROS)
- Healthcare Providers
- Others
Market Breakup by Region
North America
- United States of America
- Canada
Europe
- United Kingdom
- Germany
- France
- Italy
- Others
Asia Pacific
- China
- Japan
- India
- ASEAN
- Australia
- Others
Latin America
- Brazil
- Argentina
- Mexico
- Others
Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Nigeria
- South Africa
- Others
Key Trends in the Pharmacovigilance Market
Some key trends of the market are as follows:- Outsourcing of pharmacovigilance activities: Pharmaceutical companies are increasingly outsourcing pharmacovigilance activities to contract research organizations (CROs) to reduce costs, streamline operations, and access specialized expertise, driving market growth
- Adoption of advanced technologies: The integration of advanced technologies such as artificial intelligence (AI), machine learning, and data analytics has improved the efficiency and effectiveness of pharmacovigilance processes, contributing to market expansion
- Growing emphasis on risk management and post-marketing surveillance: The increasing focus on risk management and post-marketing surveillance has led to a greater demand for pharmacovigilance services, particularly in the area of signal detection and risk evaluation
Pharmacovigilance Market: Competitor Landscape
The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:- Drug Safety Solutions Limited
- Worldwide Clinical Trials
- Baroclinica
- United Biosource LLC, Ennov
- AB Cube France
- Covance Inc
- Accenture
- PRA Health Sciences, Inc
- Ergomed Plc
- IQVIA
- Genpact
- Cognizant
- Parexel International Corporation
- ArisGlobal
- ICON plc
- Oracle
- Syneos Health
Table of Contents
1 Preface
3 Global Pharmacovigilance Market Overview
4 Global Pharmacovigilance Market Landscape
5 Global Pharmacovigilance Market Dynamics
6 Global Pharmacovigilance Market Segmentation
7 North America Pharmacovigilance Market
8 Europe Pharmacovigilance Market
9 Asia Pacific Pharmacovigilance Market
10 Latin America Pharmacovigilance Market
11 Middle East and Africa Pharmacovigilance Market
12 Patent Analysis
13 Grants Analysis
14 Funding Analysis
15 Partnership and Collaborations Analysis
16 Regulatory Framework
17 Supplier Landscape
18 Global Pharmacovigilance Market - Distribution Model (Additional Insight)
20 Company Competitiveness Analysis (Additional Insight)
21 Payment Methods (Additional Insight)
Companies Mentioned
- Drug Safety Solutions Limited
- Worldwide Clinical Trials
- Baroclinica
- United Biosource LLC, Ennov
- Ab Cube France
- Covance Inc.
- Accenture
- Pra Health Sciences, Inc.
- Ergomed plc.
- Iqvia
- Genpact
- Cognizant
- Parexel International Corporation
- Arisglobal
- Icon plc
- Oracle
- Syneos Health
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 147 |
| Published | May 2023 |
| Forecast Period | 2023 - 2031 |
| Estimated Market Value ( USD | $ 7.9 Billion |
| Forecasted Market Value ( USD | $ 18.6 Billion |
| Compound Annual Growth Rate | 11.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 17 |
